Skip to comments.Bloomberg once said Social Security is a bigger Ponzi scheme than Bernie Madoff's
Posted on 02/29/2020 8:47:37 PM PST by nickcarraway
Billionaire and former New York City Mayor Michael Bloomberg twice compared Social Security to a Ponzi scheme when he was in office, CNN reports, which is a far cry from his current stance as a Democratic presidential candidate.
Nowadays, Bloomberg has vowed to to strengthen entitlement programs, but he used to see them as a major hurdle in the effort to shrink the United States' deficit. During appearances on his old radio program "Live from City Hall," which were reviewed by CNN's KFile, Bloomberg made the Ponzi scheme comparison once in 2006 and again in 2009. The latter instance was in relation to Bernie Madoff, who was arrested in December 2008 and later pleaded guilty to a massive Ponzi scheme.
"I don't know if Bernie Madoff got his idea from there, but if there's ever a Ponzi Scheme, people say Madoff was the biggest? Wrong," Bloomberg said. "Social Security is, far and away."
Stu Loeser, a spokesman for Bloomberg, attempted to explain Bloomberg's comments to CNN. "The Social Security Administration itself gives out detailed actuarial tables on when and how payments will exceed income, and the issue needs attention because we're running the cushion between them down," he said. "Mike believes that between now and that time, we will need to boost receipts by raising contributions from those who can best afford it, which is what he'll do as president." Read more at CNN.
I’ve said this. Its a fact. Bloombergs a pompous libtard ass. Makes no difference.
He used to tell the truth? Amazing.
Bloomberg is an opportunist with no real core beliefs.
Equally, Bloomberg was right when he advocated stop and frisk which effectively took illegal guns off the streets. Today he wants to take legal guns away from lawful owners and turn a blind eye to illegal guns on the street.
Bloomberg is unquestionably a chameleon but that does not mean his views of old are wrong, it means they were convenient then and inconvenient now.
He has core beliefs. He just has to hide them to run for office.
He has no authority to do that. He wants to use his money to pay others to do it.
On a magnitude the likes of which Madoff couldn’t have possibly achieved.
I'll take it from there.
Somehow, I doubt that will ever happen.
So eff that lying gasbag.
Your point is valid—government scams fall into a whole different category than private ones.
Whatever it is called, we baby boomers _will_ break it before we move on to the Happy Hunting Grounds.
About ten or so years ago AARP magazine showed how the SS system is not a Ponzi Scheme. Ponzi schemes always collapse. Social Security has not therefore it is not a Ponzi scheme.
In the same issue, Jane Bryant Quinn showed how the SS was set up, and it was just like a Polzi scheme. She did not say it, but it showed it.
In looking at it, I see each generation will need to have three people paying to support one retiree. When those three retire they will require nine workers to support them.
When those nine retire they will require twenty seven workers to support them.
Right now there are 64 million Americans retired. Each has three workers supporting each one. Now figure 64 million x 3. It will require 192 million workers, and when those 192 million retire, X 3, 576 million. When they retire we will need that number X 3, we will need over a billion workers supporting them..
It is doomed to fail.
And we are aborting our future generations who would be paying into the system.
Doomberg is right - SS is a ponzi scheme, unsustainable...
Hes not wrong. Again.
Bloomberg had a lot of good ideas. His problem wasn’t the ideas, it was disavowing and apologizing for them in order to pander to Progressive voters.
Doomberg is right - SS is a ponzi scheme, unsustainable
WAS right, he’s a democrat now.
Very true. It is..
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